Los Angeles—CityView, an investment management and development firm focused on urban multifamily projects in the western and southwestern United States, has closed its CityView Western Fund I L.P. The equity fund totals $150 million and will invest in multifamily housing in various markets.

More specifically, CityView will task the fund to create new multifamily housing developments and renovating existing buildings.“This fund as it enables us to build on our experience in the western and southwestern U.S., (putting) an additional $400 million to work as we take advantage of opportunities in supply-constrained markets,” said Sean Burton, CEO of CityView.

Burton also noted that these urban markets are experiencing strong population and job growth, making now a good time to bring new multifamily inventory to the market. “Much of this opportunity is due to the demand of Millennials, who are now entering their prime earning and spending years,” he noted. “They are renting for longer, and they want apartments that put them close to jobs, shopping and entertainment.”

Currently, CityView manages more than $1.2 billion in real estate assets in major metros west of the Mississippi. The firm oversees multiple funds and separate accounts and has 14 active developments in coastal California markets.

One of its developments is The Union Flats (pictured), which is currently under construction in the Station District neighborhood of Union City, Calif., a master planned, transit-oriented neighborhood targeted for redevelopment by the city. When completed in the spring of 2017, the project will offer 243 residential apartments, ground-floor live-work lofts, and a community art gallery; the site is also is adjacent to the local BART station, giving residents transit to San Francisco and Silicon Valley.